The present invention concerns a frequency converter-controlled squirrel cage motor particularly for use in elevator operation. The stator of the motor is affixed to a non-rotating axle, and the rotor rotating about the stator is rotatably carried on the same axle. In squirrel cage motors the common inconvenience is their high rotational speed, which is difficult to regulate or control. It is particularly to be noted that in elevator driving always a gear transmission is required in addition to the squirrel cage motor, by which transmission it is possible to reduce the speed of rotation, because otherwise the motor would run altogether too fast. But such a transmission makes the construction more complex and heavier.